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Peso inches up before inflation data

PHILIPPINE STAR/ MIGUEL DE GUZMAN

THE PESO edged higher against the dollar on Tuesday as investors stayed cautious ahead of the release of January inflation data and key US labor figures.

It closed at P58.89 a dollar, up 0.9 centavo from its P58.899 finish on Monday, according to Bankers Association of the Philippines data posted on its website.

It opened slightly stronger at P58.888. The peso traded within a narrow range, hitting an intraday best of P58.83 and a low of P58.93 against the greenback.

Dollar turnover rose to $1.08 billion from $773 million in the previous session.

The peso largely moved sideways as market participants waited for signals from upcoming US employment data and the local inflation report, a trader said by telephone.

A BusinessWorld survey of 18 economists yielded a median forecast of 1.8% for January inflation, within the Bangko Sentral ng Pilipinas’ (BSP) 1.4% to 2.2% projection. This would match December’s pace and slow from 2.9% in January last year.

If correct, inflation would have stayed below the BSP’s 2% to 4% target for an 11th straight month, reinforcing expectations that price pressures remain manageable.

The peso also found support from softer global oil prices and easing geopolitical risks after reports of planned nuclear talks between the US and Iran, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message.

Lower oil prices tend to support the peso by reducing the country’s import bill, while easing global tensions help improve overall market sentiment.

For Wednesday, both the trader and Mr. Ricafort see the peso trading at P58.80 to P59 against the dollar, as markets digest inflation data and await clearer cues from the US economy. — Aaron Michael C. Sy

Disney shares slump as its theme parks see fewer international visitors

LOS ANGELES — Walt Disney’s warning that a decline in international visitors to its US theme parks and a slump in earnings at its TV and film division sent shares down nearly 5% in trading on Monday, just as it readies a successor to outgoing Chief Executive Officer (CEO) Bob Iger.

The company said there were “headwinds” among international visitors without giving a reason at a time when foreign travel to the United States has been waning. Chief Financial Officer Hugh Johnston added that Disney is focusing promotional efforts on US consumers, as it has “less visibility” to international visitors.

Disney’s entertainment unit, which includes the company’s film studios, television networks, and streaming services, reported a 35% drop in operating profit due to the cost of marketing a heavy slate of theatrical releases that included box-office hits Zootopia 2 and Avatar: Fire and Ash.

Disney also stopped disclosing revenue and operating income for its TV channels. Mr. Johnston said it was “no longer relevant” in a world where entertainment is distributed broadly.

“The share price drop is very much to do with the parks business,” said Ben Barringer, head of technology research at Quilter Cheviot. “Its size means it ultimately matters more and thus will move the market.”

The media and entertainment giant is expected to name a new chief executive to replace Mr. Iger early this year. Hollywood executives believe Josh D’Amaro, the chairman of the experiences division, which includes the parks division, is the front-runner.

“In our view, succession has been an overhang on the shares recently,” wrote Bank of America’s Jessica Reif Ehrlich, noting press speculation that Mr. D’Amaro will be named the next CEO, which she said would be “well-received by the investment community” due to the overall performance of the experiences division.

Mr. Iger is set to step down at the end of the year. He said he is setting up the next chief executive to find opportunities to grow the company. “In the world that changes as much as it does, in some form or another trying to preserve the status quo was a mistake, and I’m certain that my successor will not do that,” he said.

The experiences unit, which includes Disney’s parks, cruises, and consumer products, carried the December quarter, generating $10 billion in revenue and 72% of the company’s quarterly operating profit of nearly $5 billion.

US TRAVEL STRUGGLES
The United States registered a 6% drop in foreign visitors in 2025 even as global tourism generated a 6.7% rise in spending, according to WTTC, an industry group. Concerns including US anti-immigration policies pushed tourists to European countries such as Spain and France, as well as Japan.

The company’s overall revenue rose 5% to $26 billion for its fiscal first quarter ended Dec. 27. That topped the consensus revenue forecast of $25.7 billion, according to analysts surveyed by LSEG. Disney reported income before taxes of $3.7 billion, besting Wall Street’s projection of $3.5 billion.

Adjusted per-share earnings fell to $1.63, down 7% from a year earlier but better than analysts’ estimate of $1.57 per share.

Disney reaffirmed its full-year forecast of double-digit per-share earnings growth, compared with fiscal 2025. It estimates it will bring in $19 billion in cash from operations, and is on track to repurchase $7 billion in stock.

Disney and YouTube TV’s two-week contract dispute, which resulted in millions of subscribers losing access to Disney-owned networks such as ESPN, produced a $110 million hit to the company’s sports unit, which reported a 23% drop in operating income for the quarter.

Disney’s streaming services, which include Disney+, Hulu, and ESPN, reported a 72% spike in operating income to $450 million. Revenue rose to $4.4 billion, up 13% from a year ago. The company no longer reports the number of streaming subscribers. — Reuters

A national consensus on China

PHILIPPINE STAR/MIGUEL DE GUZMAN

Two trusted and independent polling firms conducted surveys, both in December 2025, to gauge Filipinos’ sentiment on our giant neighbor China.

In the Stratbase-commissioned Pulse Asia survey, a mere 11% of respondents cited China when asked which country they trusted and thought the Marcos administration should work with in asserting our rights and protecting our national interest in Philippine seas.

Meanwhile, the OCTA survey showed that only 13% of adult Filipinos say the Philippines should trust China. Moreover, about 79% of adult Filipinos see China as the greatest threat; this higher than the 74% registered in July 2025.

In both surveys, the gap between distrust and trust is wide and consistent across regions and socio-economic groups.

Public sentiment has been shaped by China’s pattern of behavior in recent years in the West Philippine Sea. Through numerous incidents that insulted and endangered our fisherfolk and frontline military personnel in our waters, China has demonstrated its lack of regard for international law. At the same time, China has been relentless in maligning Philippine government officials, who are only doing their jobs defending what has been established as ours, in the online information space.

Indeed, almost 10 years after the landmark ruling of the Permanent Court of Arbitration on the Philippines’ petition, China has not only refused to accept the decision but continues to reject that the international body has jurisdiction over it. This refusal has emboldened China to repeatedly harass Philippine vessels, militarize maritime features in the West Philippine Sea, and openly defy the arbitral ruling.

Beyond these acts at sea, China’s hostility now extends into the online domain, where disinformation campaigns attempt to distort reality and manipulate public debate. China has sought to recast the narrative on social media by continuously and aggressively portraying the Philippines as the “provoker” in the West Philippine Sea, despite well-documented and verifiable facts showing otherwise. The arbitral ruling itself stands as clear proof of the falsity of China’s assertions.

China’s actions in our own seas must not be viewed as isolated incidents of adventurism. They form part of a long-standing and deliberate pattern of aggression that advances narrow interests at the expense of human lives, Philippine sovereign rights, and regional peace.

These actions also carry serious economic consequences. Persistent interference in Philippine waters has disrupted fishing operations and restricted access to traditional fishing grounds relied upon by coastal communities. Such disruptions threaten supply stability and risk driving higher costs across the entire value chain.

More broadly, continued interference prevents the Philippine economy from fully realizing the benefits of resources within its Exclusive Economic Zone. It constrains the exploration and development of the country’s blue economy, from offshore energy resources to marine-based industries and sustainable ocean enterprises.

This convergence of public opinion should not be dismissed as mere emotion or fleeting outrage. It reflects a growing national consensus grounded in lived experience, factual evidence, and a sober assessment of risk. Filipinos understand that this issue is not about choosing sides in a rivalry among major powers, but about defending what is rightfully ours and preserving our dignity as a sovereign nation.

Trust is built on behavior. Over the years, China has had repeated opportunities to demonstrate goodwill, restraint, and respect for international norms. Instead, its actions have steadily eroded confidence, not just among policymakers but among ordinary Filipinos who see the consequences unfold in their communities and livelihoods. This explains why skepticism cuts across age, income, and geography.

Importantly, this public sentiment aligns the Philippines with the broader international community that upholds freedom of navigation, peaceful dispute resolution, and respect for international law. Our position is neither radical nor provocative. It is consistent with global norms and with responsible state behavior.

In this sense, public opinion serves as both a warning and a guide. It warns against complacency, equivocation, and false promises of accommodation. At the same time, it guides policymakers toward a foreign policy rooted in principle, strategic clarity, and long-term national interest rather than fear or short-term expediency.

Given all these, what must be done?

Philippine officials speaking out against China’s actions are not escalating tension. The narrative is often twisted when, in truth, it is China’s persistent violations of international law and Philippine sovereignty that create and escalate tensions.

The government should therefore sustain and further scale up its transparency strategy to strengthen public awareness. Consistent disclosure of developments in the West Philippine Sea has proven essential in countering disinformation, exposing false narratives, and enabling Filipinos to make informed judgments based on facts rather than distortion.

The Philippine government must remain resolute in safeguarding sovereignty, protecting Filipino communities, and ensuring that not a single inch of Philippine territory is yielded to any foreign power.

The people have spoken. Filipinos expect our leaders to be courageous, unwavering, and undeterred in upholding the rules-based order and, above all, in defending national sovereignty.

 

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

Nissan eyes more electrified models in Philippines

ASIA.NISSAN-CDN.NET

NISSAN PHILIPPINES, INC. is looking to introduce more electrified models, alongside additional internal combustion engine (ICE) vehicles, in the Philippines.

“We want to be able to introduce a lot more electrified models in the Philippines,” Rhys Alexei Y. Murillo, general manager for compliance, legal, external and government affairs at Nissan, told reporters last week.

“It can be a mix of passenger cars and something else,” he added.

Currently, the company offers two electrified vehicles in the Philippines: the Nissan Kicks and the Nissan Leaf.

“We have a lot of electrified models in our portfolio… Some are available outside of Asia; those are in North America. But hopefully we will be able to bring in more models in the future,” he said.

At the same time, Mr. Murillo said the company will continue introducing ICE models in the Philippines.

“In the Philippines, we would want to transition eventually to electrified mobility. But I think ICE will not go away; it is just as important because the Philippines is still growing in its infrastructure,” he said.

“So we are just looking at it and seeing how electrified models perform outside of the Philippines and then seeing if we can recreate it in Asia as well,” he added.

For 2026, the company aims to surpass its 2025 sales through new model introductions.

“For 2026, definitely we hope to be able to do more than what we did in 2025 through electrified models,” he said.

Last year, Nissan sold 20,571 units, down 23.2% from a year earlier. This represents a 4.44% market share, according to data from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA).

“We do have our volume drivers like the Urvan, the Navarra, which is our pickup, as well as our sports utility vehicle, which is the Terra,” he added.

Nissan currently has over 50 dealerships nationwide and plans to open more outlets in provincial areas.

“But we also need to balance the opening versus profitability of the dealers. We cannot just open, and they will just lose money. Definitely we want to be able to bring it to the provincial areas,” he said.

“So we are looking at either setting up actual dealerships or just service facilities first… to be able to service or address the needs of the customers,” he added. — Justine Irish D. Tabile

AUB brings HelloMoney e-wallet to China to reduce reliance on cash

BW FILE PHOTO

ASIA United Bank Corp. (AUB) has expanded its HelloMoney e-wallet to China, lifting the number of countries where the app can be used for payments to 60, as Philippine banks push to stay relevant with travelers and overseas spending.

The move lets users pay by scanning QR codes supported by Alipay+, extending HelloMoney’s reach across one of the world’s biggest digital payment markets.

“Our partnership with Alipay+ empowers Filipinos with unprecedented international payment access,” AUB President Manuel A. Gomez said in a statement on Tuesday. “With this expansion, HelloMoney is removing long-standing barriers in foreign travel and ensuring that every Filipino can enjoy safe and convenient digital payments abroad.”

The China rollout follows HelloMoney’s expansion to 48 countries in December 2025, including markets across Europe as well as Australia, the US and the United Arab Emirates. The e-wallet is also accepted in Japan, Hong Kong, South Korea, Malaysia and Singapore.

More than six million HelloMoney users can now make payments overseas using the Scan-to-Pay feature, with transactions processed in real time and shown transparently on the app, the bank said. The service is designed to reduce reliance on cash and limit confusion over foreign exchange rates.

“HelloMoney was built to make everyday transactions simpler, and that mission extends to the way Filipinos move and pay around the world,” AUB Executive Vice-President and IT and Operations Head Wilfredo E. Rodriguez, Jr. said. “By expanding our Scan-to-Pay feature to China and other countries with Alipay+, we are giving our users a safer and more seamless way to pay internationally.”

AUB said it aims to position HelloMoney as a core travel payment tool by expanding coverage in major destinations and enhancing payment features. The rollout targets travelers and overseas spenders globally. — Aaron Michael C. Sy

Rome introduces Trevi Fountain access fee to curb coin-tossing crowds

TREVI FOUNTAIN, ROME, ITALY — DAVID ILIFF/COMMONS.WIKIMEDIA.ORG

ROME — Tourists keen to follow tradition by tossing a coin into Rome’s Trevi Fountain will need to dig a little deeper from Monday, as the city introduces a new €2 ($2.40) visitor fee.

The charge, aimed at easing overtourism and helping fund upkeep of the monument, applies only to visitors who walk down the stone steps to get close to the fountain’s basin.

The surrounding square, which offers views of the landmark, will remain freely accessible.

The fee will be levied from 11:30 a.m. to 10 p.m. on weekdays and from 9 a.m. to 10 p.m. on weekends. Under rules first announced in December, Rome residents are exempt, along with people with disabilities and their companions, and children under six.

“I didn’t know that we had to pay, but I have no problem with that,” said Argentine tourist Valentina De Vicentis, one of those affected by the new fee. She said she expected it to ease overcrowding.

“There are less people in here, so I think that’s good, because if not, there are a lot of people and you can’t take pictures and you can’t stay (for a long) time and enjoy.”

The Trevi Fountain, where tradition dictates that visitors toss a coin into the water to guarantee their return to Rome, has long been one of the city’s most popular attractions, even for visiting world leaders.

It is remembered for the famous film scene in Federico Fellini’s La Dolce Vita, in which Anita Ekberg wades into the fountain and beckons her co-star Marcello Mastroianni to join her: “Marcello! Come here!”

10 MILLION VISITORS PER YEAR
Authorities say more than 10 million people visited the fountain in the December 2024-December 2025 period, which largely coincided with a Catholic Holy Year, or Jubilee, which drew about 33.5 million pilgrims to Rome.

Fed by an ancient Roman aqueduct and completed in 1762, the monument is a late Baroque masterpiece depicting Oceanus, the god of all water, symbolizing the varying moods of the world’s seas and rivers.

With tourism booming in Rome and across Italy, visitor fees have been introduced at a growing number of cultural landmarks.

They include Rome’s ancient Pantheon, the entire city of Venice during the peak travel season, and, on a temporary basis, the courtyard in Verona with the balcony associated with Shakespeare’s Romeo and Juliet. — Reuters

Arte ni Juana turns indigenous weaves into modern handbags

EDG ADRIAN A. EVA

By Edg Adrian A. Eva, Reporter

ARTE NI JUANA, a Cebu-based fashion brand, is carving out a niche in local and overseas markets by turning traditional Filipino weaving into modern handbags while providing steady income to women artisans across the Visayas.

Founded by designer Ma. Jo-ann I. Comedido, Arte ni Juana works with women weavers to produce contemporary bags using indigenous materials such as tikog, rattan and abaca.

The brand aims to pair traditional craft with designs that appeal to modern consumers, while keeping production rooted in local communities.

“When you purchase our bag, you do not just own a beautifully crafted piece; it has a soul, and it is made by women,” Ms. Comedido said in an interview via Microsoft Teams.

The idea for the brand emerged in 2020, at the height of the pandemic, when Ms. Comedido was struggling to keep her restaurant business afloat.

She started with a single bag made from tikog, an indigenous reed grass woven by women artisans in Samar.

The response encouraged her to pursue the concept more seriously, leading her to establish Arte ni Juana in 2021. By 2023, she had closed her food business to focus full time on the fashion venture.

Arte ni Juana now works with about 50 artisans, most of them women, from seven communities across Cebu, Bohol, Negros Island and Samar.

Two of these partner communities are within correctional facilities, where weaving provides both livelihood and skill development.

The brand’s main products are handbags, though it also produces home décor and functional crafts. Each bag typically passes through the hands of about five artisans, who handle weaving, embroidery and leatherwork.

Artisans also contribute ideas to the design process, helping shape products that reflect both tradition and creativity. The brand produces roughly 100 pieces a month.

Designs are intentionally playful and colorful. “They are fun, vibrant, and playful, inspired by my childhood and the environment where I grew up,” Ms. Comedido said.

Arte ni Juana has been expanding its footprint in tourist-heavy areas, with pop-up stores often set up in hotels in Boracay, Cebu and Bohol.

Its products have also reached customers abroad, including in the US, New Zealand, South Korea and Malaysia.

Challenges persist. Typhoons disrupt production in some weaving communities, while security concerns in parts of Bohol affect artisans’ ability to work consistently.

Ms. Comedido said stronger government action is needed to protect livelihoods threatened by conflict and natural disasters.

Despite these risks, she remains optimistic about growth this year, with plans for more designs and deeper engagement with overseas buyers, including clients in Australia and South America.

The brand also plans to expand to Palawan, Davao and Manila, though logistics remains a constraint.

Ms. Comedido said empowering women has a multiplier effect. “If you empower five women, 10 stay-at-home women benefit — it’s like empowering a whole community,” she said.

Women made up 70% of the global handicraft workforce, according to the International Trade Centre. In countries like India and Bangladesh, the number rises to 80%, particularly in rural areas.

5 AI principles business leaders must not lose sight of

STOCK PHOTO | Image from Freepik

Last Friday, we concluded the State of the Nation in AI Summit, attended by hundreds of industry practitioners, senior executives, and government officials. The conversations throughout the day reflected both optimism and caution. Optimism about what artificial intelligence (AI) can unlock for productivity, innovation, and growth. Caution about how quickly it is reshaping work, decision making, and competitive dynamics.

In my welcome remarks that morning, I chose not to begin with technology. Instead, I spoke about principles. AI is advancing at a pace that is testing our institutions, our organizations, and even our leadership instincts. In an environment already shaped by economic uncertainty, talent constraints, and rapid digital change, principles are not abstract ideals. They are practical anchors.

As more organizations move from AI experimentation to real deployment, there are five principles business leaders would do well to keep in mind. These principles are not barriers to innovation. They are what allow innovation to scale with trust, discipline, and long-term value.

1. Humans must always come first.

AI must serve people, not replace our humanity. In business, it is tempting to view AI primarily as a tool for efficiency. Automation promises faster processes, lower costs, and improved margins. These are valid objectives. But efficiency alone does not define good leadership or sustainable enterprise.

AI is powerful at processing data and identifying patterns. What it cannot do is exercise judgment, understand context, or take responsibility for consequences. Decisions that affect customers, employees, and communities must always have a human accountable for them.

The organizations that will succeed are those that use AI to augment human capability, not remove it. AI should help managers make better decisions, support employees in higher value work, and improve customer experience. When things go wrong, as they inevitably do, accountability must rest with people, not systems.

Technology can scale operations. Only leadership can earn trust.

2. Jobs will change, not disappear.

Few topics generate as much anxiety around AI as employment. During the summit, this concern surfaced repeatedly. It is important to acknowledge the reality. Certain roles will be disrupted. Routine and repetitive tasks will increasingly be automated.

This is not unprecedented. Every major technological shift has changed the nature of work. What history also shows is that new roles emerge alongside disruption, often requiring higher level skills and creating new industries altogether.

The real risk for businesses is not job loss, but skills mismatch. Organizations that adopt AI without investing in workforce transformation may achieve short term gains but face long term capability gaps. Those that treat reskilling as a strategic priority will be better positioned to adapt.

AI changes how work is done across functions, from operations and finance to marketing and customer service. It creates demand for skills in data literacy, analytics, cybersecurity, and system oversight. Leaders must anticipate these shifts and prepare their people accordingly.

In the AI era, competitive advantage will belong to organizations that develop talent as deliberately as they deploy technology.

3. Trust is the real currency of AI.

AI adoption without trust will not scale. As AI becomes embedded in decision making, whether in credit assessment, hiring, pricing, or customer engagement, confidence in those decisions becomes critical.

Trust is built through transparency and accountability. Stakeholders must understand how AI-driven outcomes are produced and who is responsible when systems fail or produce unintended results. This is not only a regulatory concern. It is a reputational one.

In business, trust underpins customer loyalty, investor confidence, and employee engagement. A single high profile failure involving data misuse, biased outcomes, or weak cybersecurity can undo years of brand building.

Governance frameworks, ethical standards, and internal controls are no longer optional additions to AI strategy. They are core components of enterprise risk management. In the age of AI, trust is not a soft value. It is a hard business asset.

4. AI must be inclusive, not exclusive.

There is a real danger that AI benefits only those with the resources to adopt it quickly. Large organizations with capital, talent, and infrastructure may advance rapidly, while smaller firms struggle to keep pace.

From a business perspective, this is not a marginal issue. Broad based growth depends on strong supply chains, healthy domestic markets, and a diverse ecosystem of enterprises. When innovation is concentrated among a few players, resilience suffers.

Inclusive AI means designing solutions that are accessible and relevant across different scales of business. It means using AI to improve services that support commerce, such as logistics, payments, and education. It also means recognizing that talent and opportunity exist well beyond major urban centers.

Innovation that lifts only a narrow segment of the economy ultimately limits its own potential. Sustainable growth requires participation, not exclusion.

5. Governance must come before hype.

The excitement surrounding AI is understandable. New tools promise dramatic gains in speed, insight, and efficiency. However, innovation without governance creates risk rather than value.

Organizations need clear policies on how AI is selected, deployed, and monitored. Issues such as data privacy, cybersecurity, ethical use, and accountability cannot be left solely to technical teams. These are leadership and board level concerns.

At the same time, governance should not become an excuse for paralysis. Excessive caution can leave organizations uncompetitive. The challenge is balance. Responsible innovation requires ambition guided by discipline.

The most effective leaders are not those who chase every new technology trend, but those who understand when and how to adopt with purpose.

A FINAL REFLECTION
The objective of AI adoption is not simply faster processes or lower costs. It is about building organizations that are more resilient, more trusted, and better equipped to navigate uncertainty.

AI is not destiny. It is shaped by human choices, leadership priorities, and organizational values. The discussions from the State of the Nation in AI Summit made one thing clear. Technology alone will not define the future of business.

That future will be shaped by the principles leaders choose to uphold as they integrate AI into their strategies, operations, and cultures.

In the end, the question is not whether AI will transform business. It already is. The real question is whether leaders will guide that transformation with clarity, responsibility, and intent.

 

Dr. Donald Patrick Lim is the founding president of the Global AI Council Philippines and the Blockchain Council of the Philippines, and the founding chair of the Cybersecurity Council, whose mission is to advocate the right use of emerging technologies to propel business organizations forward. He is currently the president and COO of DITO CME Holdings Corp.

MRC Allied completes private placement for 21% stake

MRC ALLIED INC. FACEBOOK PAGE

LISTED MRC Allied, Inc. has executed a subscription agreement for investors to acquire a 21% stake in the company for P315 million.

“On Jan. 16, the Board approved the subscription by the aforementioned individuals and the execution of the subscription agreement within a period of 10 days. Upon the request of the stockholders, the execution of the Subscription Agreement was done today (Feb. 2),” the company said in a disclosure on Tuesday.

In an earlier disclosure, MRC Allied said its board approved the issuance of 315 million new common shares priced at P1 each, as part of the company’s plan to raise up to P1 billion through private placement to strengthen its financial position and support expansion ventures.

According to the company, the proceeds from the issuance of unissued common shares will be used to settle advances and loans recorded in the company’s books as of the board approval date.

“The subscription price is payable upon execution of the subscription agreement,” it noted.

The private placement will be divided between Peregrino P. Fernandez and Kong Ming Yeung, two investors with backgrounds in local construction and property development.

Mr. Fernandez, a Filipino businessman, will acquire 215 million common shares, or a 14.34% stake. He owns Melekon Contractors Inc., which handles power generation, underground construction, mining, dredging, reclamation, and civil engineering projects. The company also invests in renewable energy, tertiary hospitals, and engineering consultancy.

Mr. Yeung, also a Filipino businessman, will acquire 100 million common shares for a 6.67% stake. He owns Supercity Capital Ventures Inc. and Metrosquare Holdings Inc., both focused on commercial real estate development and leasing. He manages a portfolio of office and commercial buildings across Metro Manila through Enterprise Metrosquare Management Services.

MRC Allied, originally incorporated in 1990 as Makilala Rubber Corp. for rubber processing and export, shifted focus in 1997 by selling its rubber business to subsidiary Makrubber Corp. to pursue real estate development.

In 2020, the Securities and Exchange Commission approved the change in the company’s primary purpose from real estate to a holding company.

At the local bourse on Tuesday, MRC Allied shares rose 2.41% to P0.85 apiece. — Alexandria Grace C. Magno

DoF eyeing sale of Islamic bonds — Go

FREEPIK

THE DEPARTMENT of Finance (DoF) is weighing fresh issuances in the Islamic bond market after the government’s maiden sukuk sale in 2023 drew strong investor demand, as regulators move to deepen Shari’ah-compliant finance in the Philippines.

Finance Secretary Frederick D. Go said the government is looking at sukuk offerings following the success of its debut issuance, which helped diversify funding sources and attract Islamic investors.

“Building on this success, we are actively exploring future issuances in the Islamic bond market,” he said at an international Islamic finance conference in Taguig City on Feb. 2.

The Philippines raised $1 billion from 5.5-year sukuk bonds in December 2023, with the order book nearly five times oversubscribed. The strong reception allowed the government to secure favorable pricing while channeling funds to public projects.

Sukuk, often referred to as Islamic bonds, represents ownership in tangible assets or Shari’ah-compliant investment activities, rather than interest-bearing debt. This structure allows Muslim investors to participate in capital markets while adhering to Islamic principles.

Mr. Go said the government is also strengthening the broader Islamic finance ecosystem.

The Insurance Commission (IC) issued the country’s first takaful operator licenses in 2024, expanding access to Shari’ah-compliant insurance products.

Takaful is a cooperative insurance model where participants contribute to a shared fund to cover losses, avoiding interest, gambling and excessive uncertainty.

The regulator has approved six takaful products from four insurers, including a micro-takaful offering aimed at lower-income groups.

“The IC has made insurance products more affordable and accessible for the Islamic community by introducing micro takaful products,” Mr. Go said, adding that the Finance department backed a policy mandating deposit insurance coverage for Islamic deposits.

The Philippine Deposit Insurance Corp. (PDIC) last year extended deposit insurance coverage of up to P1 million per depositor per bank to Islamic banks and Islamic banking units. This puts Islamic deposits on the same footing as conventional ones.

However, Mr. Go said the PDIC is now drafting guidelines to move toward a fully Shari’ah-compliant deposit insurance framework. “Due to the unique characteristics of Islamic banking, the PDIC will be formulating guidelines for the transition,” he said.

The government has also pledged continued support through its participation in the Shari’ah Supervisory Board in the Bangsamoro region and through tax-neutral policies introduced by the Bureau of Internal Revenue to remove structural barriers to Islamic finance, be added. — Aubrey Rose A. Inosante

Jesus gets a makeover as Sistine Chapel artwork undergoes restoration

MUSEIVATICANI.VA

VATICAN CITY — Sometimes even God needs a bit of a makeover.

Michelangelo’s Last Judgment, a Renaissance masterwork in the Vatican’s Sistine Chapel that depicts the Second Coming of Jesus, is undergoing its first restoration in 30 years.

Experts will work over three months to remove decades of built-up particles that have obscured the colors of the artwork, the Vatican said in a press release.

“The new intervention… will allow the removal of these deposits and the consequent recovery of the chromatic and luministic quality desired by Michelangelo,” it said.

The Sistine Chapel, famous as the site of the secret conclave where the world’s Catholic cardinals vote to select new popes, sees millions of visitors each year as part of the Vatican Museums.

The chapel will remain open during the restoration. But the fresco itself, showing Jesus delivering his final judgment of humanity, will be covered by scaffolding.

Visitors will instead be able to see a high-definition reproduction of the artwork, the Vatican said.

The chapel is also home to many other frescoes, including Michelangelo’s The Creation of Adam on its ceiling. Those will still be on display. — Reuters

The importance of digital footprints: SC’s guidelines on proving social media identity in criminal cases

STOCK PHOTO | Image from Freepik

Digital footprints — the trail of data left behind by users during their online activities — now play a major role in criminal investigations. Every action on online platforms, from posting content to sending private messages, creates records that can later be traced and examined.

A single social media post, especially one made in haste, can have serious legal consequences for individuals and organizations. While social media remains an essential platform to communicate and build brands, it now operates in an environment where online conduct is closely monitored and scrutinized.

Our courts have recognized that once a social media account is created, the user can post statements, photos, or videos visible to others. At the same time, fake or dummy accounts are easy to create and often used for impersonation, disinformation, identity theft, and other criminal activities. Because of this, proving who owns, controls, or authored content from a social media account has become essential in criminal cases.

GUIDEPOSTS
In XXX v. People (G.R. No. 274842, Oct. 22, 2025), the Supreme Court addressed the challenge of proving who actually controls or authors posts from social media accounts. The Court established guidelines in proving the fact of ownership of, or access to, a social media account in the context of crimes and offenses committed through social media.

To prove ownership or access, the following may be shown:

1. An admission of ownership of or access to the social media account, or authorship of the social media post or private message;

2. Evidence that the offender was seen accessing or using the account, or composing, posting, or sending the post or private message;

3. A social media post or private message containing information known only to the offender or a few people, or that only the offender could be expected to know;

4. Use of language or writing style consistent with the offender’s characteristics indicating authorship of the social media post or communication;

5. Records from the internet service provider, telecommunications company, or social media site, and results from device forensic analysis showing geolocation features, and other attributes linking the account to the offender;

6. Acts consistent with previous posts or private messages sent through the social media account; or,

7. Other instances showing ownership, access, or authorship.

DUMMY ACCOUNT  DEFENSE
In cyber libel, harassment, and similar cases, a common defense is the claim that the account used was fake or controlled by someone else.

In XXX v. People, the accused also raised a similar defense. Although the account carried his name and displayed a photograph of him with his child, he argued that someone might have used his photo to create a dummy account and post derogatory statements against the complainant. In rejecting this claim, the Court examined the account’s history, its interactions with Facebook friends, and messages that contained information known only to the accused.

The Court explained that authorship may be established through a combination of circumstantial evidence that, taken together, points to the accused as the author of the social media post.

This ruling shows that courts now look beyond account ownership and consider a broader examination of digital footprints. This includes not only active footprints, or those deliberately generated by users such as social media posts and messages, but also passive data collected without direct user actions, such as IP addresses, browsing history, and location data from GPS-enabled devices.

CORPORATE CONSIDERATIONS
Although the case of XXX v. People involved a violation under the Anti-Violence Against Women and Children Act, the same evidentiary principles may be applied in cases involving cyber-libel, intellectual property disputes, and cases involving unauthorized disclosure of confidential information.

In many organizations, several employees or third-party providers may have access to corporate social media accounts. This makes determining responsibility more difficult, especially considering the Court’s focus on access and behavior patterns. While the Court clarified that forensic analysis and data are not indispensable, they remain valuable in evidence gathering and establishing accountability. For this reason, having an adequate IT system and access controls is crucial for managing potential legal risks.

Ultimately, the Supreme Court’s ruling underscores that online conduct has real and enforceable legal consequences. As these guideposts are applied, companies and their leaders should ensure that their policies, controls and practices can withstand the growing scrutiny over online identity and accountability.

References:

Soni N., &, Soni P., Tracing the Unseen: The Role of Digital Footprints in Modern Forensic Investigations, available at https://ijirt.org/publishedpaper/IJIRT167732_PAPER.pdf last visited on Jan. 30.

SC Provides Guide in Proving Identity of Social Media Account in Criminal Cases, available at https://sc.judiciary.gov.ph/sc-provides-guide-in-proving-identity-of-social-media-account-in-criminal-cases/ last visited on Jan. 30.

XXX v. People of the Philippines, G.R. No. 274842, Oct. 22, 2025.

The views and opinions expressed in this article are those of the author. This article is for general informational and educational purposes only and is not offered as, and does not constitute legal advice or legal opinion.

 

Gillian Ruth A. Grancho is an associate of the Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW), Davao Branch.

(6382) 224-0996

gagrancho@accralaw.com

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